Internet 2.0: Secure Data Transfer

If the basic premise of the internet is digital data transfer, blockchain technology represents a simple yet fundamental shift, and an obvious step forward. The premise of blockchain technology is secure data transfer.

Imagine you are making a spreadsheet on excel, this spreadsheet holds a record of all of the emails you’ve sent and received and can easily be altered and changed as well as read by the owner of the email service you use. That’s a good approximation of the internet in its current state. Most server technology relies on a rewritable database structure and requires a hosting company to maintain it.

Now imagine another excel spreadsheet, one where you can only add to it but can never alter an entry once you’ve made one. Everyone on the network can write to this database, but only you can see your entries, because they require a special key to unlock. There’s no central company governing it, each user manages their own transactions. This is blockchain. It is immutable, unhackable, and secure. It is a simple idea which will transform business.